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Macau-based Studio City launches $750 million eight-year notes at 5%; pricing Tuesday
By Paul A. Harris
Portland, Ore., Jan. 5 – Studio City International Holdings Ltd. launched a $750 million offering of eight-year senior notes (B1/BB-) at 5% on Tuesday morning, according to market sources.
The launch size came higher than the $650 million that had been telegraphed to the market, a trader said.
The Rule 144A and Regulation S for life deal launched inside of price talk in the 5¼% area. Initial guidance was in the 5½% area.
The offer, which is heard to be playing to a mix of high-yield bond accounts and emerging markets investors, is expected to price Tuesday.
Deutsche Bank, Morgan Stanley, Bank of China, Bank of Communications, ICBC and Mizuho are the joint bookrunners.
The notes come with three years of call protection.
The issuing entity will be Studio City Finance Ltd., a wholly owned subsidiary of Studio City International Holdings.
The Cotai, Macau-based gaming, lodging and retail company plans to use the proceeds to fund a conditional tender offer for its 7¼% notes due 2024.
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